Dublin, Oct. 21, 2021 (GLOBE NEWSWIRE) -- The "Nigeria Prepaid Cards Business and Investment Opportunities - Market Size and Forecast (2016-2025), Consumer Attitude & Behaviour, Retail Spend, Market Risk" report has been added to ResearchAndMarkets.com's offering.
According to the Q2 2021 Global Prepaid Card Survey, prepaid card market in the Nigeria is expected to grow by 22.8% on annual basis to reach US$ 10,586.9 million in 2021.
The prepaid card market expected to grow over the forecast period, recording a CAGR of 19.4% during 2021-2025. The prepaid card market in Nigeria will increase from US$ 8,621.8 million in 2020 to reach US$ 17,501.3 million by 2025.
The payments space in Nigeria has taken large strides towards becoming a cashless society over the last few quarters. This transition from cash to cashless has been largely due to the global pandemic, which redefined the payment experience for an increasing number of consumers and also made different payment options easily accessible in the country. With the adoption of prepaid payment instruments such as digital wallets and banking prepaid cards, digital payment options, including prepaid payment instruments, have been growing steadily over the last few years.
The digital wallet space is primarily dominated by Paga, an e-wallet provider in the country. With more than 17 million consumers using the prepaid payment instrument, the digital wallet also provides basic banking services such as savings account, merchant services, and wire transfers. Notably, users can pay their monthly utility bills as well as make payments to retailers in the country.
Wallets Africa is another prepaid payment instrument widely used by consumers in Nigeria. Users can use the digital wallet to send and receive money and make utility payments through mobile applications and websites.
Nigerian banks are targeting teens with prepaid card products to boost financial inclusion in the country:
Traditional banking players are competing to outdo each other in winning not only adults but also teens. In the past, teens were not considered eligible to have a banking account. However, to boost financial inclusion at an early age, banks can now offer parents to operate the accounts for their children. For instance,
First Bank, the premier banking institution in the country, has two different packages for teens known as KidsFirst and MeFirst. Moreover, the bank provides kids with a trendy gift when the account is opened with a minimum of N10,000. The account is automatically converted into a MeFirst account when the kid turns 13. Moreover, the bank offers kids a desirable and trendy prepaid card, through which parents can credit weekly and monthly allowances.
Reasons to buy:
- In-depth understanding of prepaid card market dynamics: Understand market opportunity, industry dynamics, key trends and drivers across 75+ market segments and sub-segments of prepaid cards in Nigeria.
- Develop market specific strategies: Identify growth segments and target specific opportunities to formulate your prepaid cards strategy; assess market specific key trends, drivers and risks in prepaid cards industry.
- Get insights into consumer attitude and behaviour: Understand changing consumer attitude and behaviour and boost ROI. Get detailed insights into retail spend through prepaid cards.
Scope:
Nigeria Prepaid Card Industry Market Attractiveness
- Load Value Trend Analysis
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
Market Share Analysis by Functional Attributes - Open Loop vs. Closed Loop, 2016 - 2025
Nigeria Open Loop Prepaid Card Future Growth Dynamics, 2016 - 2025
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
Nigeria Closed Loop Prepaid Card Future Growth Dynamics, 2016 - 2025
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
Nigeria Prepaid Card Consumer Usage Trends
- By Age Group
- By Income Group
- By Gender
Nigeria General Purpose Prepaid Card Market Size and Forecast
Gift Card Market Size and Forecast by Functional Attribute
- By Open Loop Gift Card
- By Closed Loop Gift Card
Gift Card Market Size and Forecast by Consumer Segments
- By Retail Consumer Segment
- By Corporate Consumer Segment
Gift Card Market Share Analysis by Retail Categories
Gift Card Market Share Analysis by Gifting Occasion
Gift Card Market Share Analysis by Purchase Location
Nigeria Entertainment and Gaming Prepaid Card Market Size and Forecast
Teen and Campus Prepaid Card Market Size and Forecast by Functional Attribute
- By Open Loop Teen and Campus Prepaid Card
- By Closed Loop Teen and Campus Prepaid Card
Business and Administrative Expense Prepaid Card Market Size and Forecast by Consumer Segments
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
Payroll Prepaid Card Market Size and Forecast by Consumer Segments
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
Meal Prepaid Card Market Size and Forecast by Consumer Segments
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
Travel Forex Prepaid Card Market Size and Forecast by Consumer Segments
- By Retail
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
Nigeria Transit and Tolls Prepaid Card Market Size and Forecast
Nigeria Healthcare and Wellness Prepaid Card Market Size and Forecast
Nigeria Social Security and Other Government Benefit Programs Prepaid Card Market Size and Forecast
Nigeria Fuel Prepaid Cards Market Size and Forecast
Nigeria Utilities, and Other Prepaid Cards Market Size and Forecast
For more information about this report visit https://www.researchandmarkets.com/r/9kixvg
